Thompson Street Capital Partners announced Wednesday that it acquired Bubbakoo’s Burritos, a growing Mexican fast casual based in New Jersey.
The chain oversees more than 130 restaurants across 15 states, mostly along the East Coast and Midwest. Bubbakoo’s was founded in 2008 in Wall Township, New Jersey, by restaurant veterans Bill Hart and Paul Altero. The chain has been franchising since 2015.
“Thompson Street Capital Partners brings deep experience in scaling founder-led businesses and shares our passion for supporting franchisees and delivering great experiences to customers,” Altero said in a statement. “With their support, we’re confident Bubbakoo’s can accelerate its growth into new markets, invest in technology and infrastructure, and continue building a world-class franchise system.”
The brand is known for its signature burritos, called “Killer Creations,” like the Honey Sriracha Chicken Burrito, General Tso’s Crispy Chicken Burrito, Crispy Cheesy Quesadilla, and Buffalo Ranch Crispy Chicken Quesadilla. Customers can also build their own burritos, bowls, quesadillas, burritodillas, tacos, salads, nachos, chiwawas, and vegetarian options.
Bubbakoo’s recently ranked on Entrepreneur’s Franchise 500 list and landed on the 2023 Inc. 5000.
“From our earliest days in New Jersey to now having more than 130 locations across the country, we’ve been incredibly proud to see our vision resonate with guests, franchisees, and communities,” Hart said in a statement. “Our growth has always been grounded in our commitment to food quality, hospitality and a culture that values individuality and innovation.”
Thompson Street, based in St. Louis, focuses on middle-market business in life sciences and healthcare, software and technology, and business and consumer services and products. It has made more than 250 investments over 20-plus years and has $4.5 billion in assets under management.
The company also purchased Freddy’s in 2021 in an undisclosed deal.
Bob Dunn, managing partner at Thompson Street, described Bubbakoo’s as “an exciting concept with strong franchisee relationships, consistent unit growth, and a passionate following.”
Joe St. Geme, another managing partner for Thompson Street, shared the sentiment.
“We see tremendous opportunity to support Bubbakoo’s continued growth by investing in technology, brand development, infrastructure, and franchisee support systems,” St. Geme said in a statement. “The Company has built a strong foundation, and our team is eager to help accelerate growth while maintaining the culture and values that have made Bubbakoo’s a success.”
In the past year, private equity firms have been snatching up growing franchise concepts. Roark Capital bought Dave’s Hot Chicken for around $1 billion earlier this year. In 2024, Blackstone bought Tropical Smoothie Cafe and Jersey Mike’s. Sizzling Platter, a franchisee of more than 750 restaurants across multiple concepts, is being sold to Bain Capital for reportedly more than $1 billion, plus debt. Roark also completed its purchase of Subway in April 2024.
Sidley Austin acted as legal advisor to Thompson Street.
